Part 1: Requirements: Writing, using software, and interpreting results is a large part of your learning experience. These assignments are designed to improve your use of technology and communication...

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Part 1: Requirements: Writing, using software, and interpreting results is a large part of your learning experience. These assignments are designed to improve your use of technology and communication skills. Using proper business English and resources from the library you will comment and share your research with your classmates. Make sure you note your source in proper APA format. Project Information: You are a manger in the accounting department of Greene company.  Greeneis a rapidly expanding manufacturing company, and is considering some additional acquisitions.The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3.  To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting. Week 1 Writing Assignment Part 1: Greene is considering diversifying by purchasing an insurance company and a lumber company.  The CFO would like to know how the accounts of these two substantially different subsidiaries would be reported in the consolidated financial statements.  Research the Accounting Standards Codification to see what guidance is provided, and prepare a 2 pagememo to the CFOwith your findings.  Include in your memo at least two examples of situations in which it may be inappropriate to combine similar-appearing accounts of two subsidiaries. · Week 1:  Submit your memo regarding account presentation. PART 2: Requirements: Writing, using software, and interpreting results is a large part of your learning experience. These assignments are designed to improve your use of technology and communication skills. Using proper business English and resources from the library you will comment and share your research with your classmates. Make sure you note your source in proper APA format. Project Information: You are a manger in the accounting department of Greene company.  Greeneis a rapidly expanding manufacturing company, and is considering some additional acquisitions.The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3.  To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting. Week 2 Writing Assignment Part 2: View the attached excel file to prepare a consolidated balance sheet for Greene. · Week 2: Submit your completed excel template. Due Dates: This project is completed over several weeks so be sure to follow the due dates carefully. Grading Rubric: Please refer to the grading rubric specific requirements. Part 3: Requirements: Writing, using software, and interpreting results is a large part of your learning experience. These assignments are designed to improve your use of technology and communication skills. Using proper business English and resources from the library you will comment and share your research with your classmates. Make sure you note your source in proper APA format. Project Information: You are a manger in the accounting department of Greene company.  Greeneis a rapidly expanding manufacturing company, and is considering some additional acquisitions.The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3.  To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting. Week 3 Writing Assignment Part 3: In a separate scenario, Greene is investigating purchasing two overseas manufacturing companies that would be included in Greene’s consolidated financial statements as wholly owned subsidiaries.  One company is located in New Zealand, and the other company is located in Spain.  The CFO would like to know what factors need to be considered when determining the functional currency for a consolidated subsidiary.  Research the Accounting Standards Codification to see what guidance is provided, and prepare a 2 page memo to the CFO explaining the various economic indicators to be considered both individually and collectively. · Week 3: Submit your memo regarding functional currency Part 4: Requirements: Writing, using software, and interpreting results is a large part of your learning experience. These assignments are designed to improve your use of technology and communication skills. Using proper business English and resources from the library you will comment and share your research with your classmates. Make sure you note your source in proper APA format. Project Information: You are a manger in the accounting department of Greene company.  Greeneis a rapidly expanding manufacturing company, and is considering some additional acquisitions.The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3.  To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting. Week 4 Writing Assignment Presentation: Present your project to the class for discussion. · Week 4: Present and discuss your project.
Answered 3 days AfterJan 19, 2021

Answer To: Part 1: Requirements: Writing, using software, and interpreting results is a large part of your...

Jyoti answered on Jan 23 2021
151 Votes
PROJECT REPORT
ON
CONSOLIDATION OF FINANCIAL STATEMENTS
PART -1
POTENTIAL ACQUISTIONS IMPACT ON FINANCIAL REPORTING
Background
Greene, a manufacturing company is considering expansion and is i
n process of acquiring two companies. One is from insurance sector and another is a lumber company.
We are considering reporting of above two different subsidiaries in consolidated financial statements considering accounting standard notifications.
Also, we shall be capturing two scenarios where combining similar-appearing accounts of two subsidiaries will be inappropriate.
MEMO for CFO of Greene Company
To: Chief Financial Officer
Greene Co.
From Manager- Accounting
Greene Co.
Re: Consolidation of two substantially different subsidiaries
Preparation of financial statements of a company is a statutory requirement. Once the financial statements of individual companies are prepared, the parent company starts the process of consolidation and make consolidated statement of income and the consolidated balance sheet. The purpose of consolidation is to provide the financial status of a group to its users.
While preparing consolidated financial statements, individual balances of subsidiary and parent companies are consolidated on line to line basis and adjustments are made wherever required.
Intra-group transactions like expense, dividend, etc are eliminated. Also, any unrealised profit/loss resulting from intra group transactions of sale of assets are removed.
In case, there is any minority interest (where 100% acquisition is not made), consolidated net income is accordingly attributed to parent company. Share of minority interest is shown under shareholders’ equity head in consolidated balance sheet.
As stated above, consolidated financial statements are presented before users to show the financial status of entire group. FAS-94 requires consolidation of all subsidiaries where majority...
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